[世界银行]：南共体投资环境记分卡（英）2024

SADC Investment Climate Scorecard

Acknowledgements

The SADC Investment Climate Scorecard report was prepared by the World Bank in partnership with the Organization for Economic Cooperation and Development (OECD) at the request of the SADC Secretariat. Key contributors include Priyanka Kher, Peter Kusek, Eduardo Antonio Jimenez Sandoval, and Ramprakash Sethuramasubbu. The project was supported by the European Commission through the ACP Business Friendly and SIBE1 programs.

Acronyms

ACP: Africa, Caribbean and Pacific
AfCFTA: African Continental Free Trade Area
APEC: Asia Pacific Economic Cooperation
CFIUS: Committee on Foreign Investment of the United States
EAC: East African Community
ECA: European Commission
EMDEs: Emerging Market and Developing Economies
EU: European Union
FDI: Foreign Direct Investment
FDI RR Index: FDI Regulatory Restrictiveness Index
FP: Focal Point
FSC: Financial Services Commission
GDP: Gross Domestic Product
GVCG: Global Value Chain
IFC: Investment Facilitation for Development Agreement
IMF: International Monetary Fund
ISIC: International Standard Industrial Classification
ITC: International Trade Center
MNE: Multinational Enterprise
OACPS: Organization of African, Caribbean and Pacific States
OECD: Organization for Economic Co-operation and Development
PPA: Public-Private Partnership
R&D: Research and Development
RAPI: Regional Action Program on Investment
RECs: Regional Economic Communities
RISD: Regional Indicative Strategic Development Plan
RRI: Regulatory Restrictiveness Index
SDG: Sustainable Development Goal
SEZ: Special Economic Zone
SME: Small and Medium Enterprise
STRI: Services Trade Restrictiveness Index
UAE: United Arab Emirates
UNCTAD: United Nations Conference on Trade and Development
UNIDO: United Nations Industrial Development Organization
US: United States
VAT: Value-added Tax
WB: World Bank
WBG: World Bank Group
WEF: World Economic Forum
WTO: World Trade Organization

Executive Summary

Overlapping crises, including the global financial crisis, the pandemic, and the Russia-Ukraine war, have led to unprecedented volatility and uncertainty in foreign direct investment (FDI). Global FDI flows have stagnated since 2008 and were reduced by 40% in 2020 due to the pandemic. Although FDI rebounded briefly in 2021, the long-term trend of stagnation persists. In 2022, FDI declined by 12% (UNCTAD 2023).

Geography, endowments, macroeconomic stability, and policy fundamentals remain primary determinants of a country's ability to attract FDI. Governments can play a crucial role in attracting, retaining, and benefiting from FDI by creating a more conducive business environment. Several investor surveys, including the World Bank's Global Investment Competitiveness Surveys, indicate that political stability, macroeconomic stability, the legal and regulatory environment, physical infrastructure, and export competitiveness are critical factors for foreign investors (World Bank 2018, 2020, and 2022).

Research shows that improvements in a country's legal and regulatory environment are positively associated with higher FDI inflows (Akame et al. 2016; Buchanan et al. 2012; Daude and Stein 2007; Gani 2007; Globerman and Shapiro 2002; Hebous et al. 2020; Sheph).

Key Findings

Global FDI Trends:
- Stagnation since the 2008 global financial crisis.
- Reduced by 40% in 2020 due to the pandemic.
- Brief rebound in 2021.
- Declined by 12% in 2022 (UNCTAD 2023).
Determinants of FDI:
- Geography, endowments, macroeconomic stability, and policy fundamentals.
- Political stability, macroeconomic stability, legal and regulatory environment, physical infrastructure, and export competitiveness are critical for foreign investors.
Impact of Improvements in Legal and Regulatory Environment:
- Positive association with higher FDI inflows (Akame et al. 2016; Buchanan et al. 2012; Daude and Stein 2007; Gani 2007; Globerman and Shapiro 2002; Hebous et al. 2020; Sheph).
Need for FDI: